Demonetization resulted in decline in Terror Funding, Hawala Trade, Human Trafficking, says Law Minister Ravi Shankar Prasad

Union Law, Justice and IT Minister Ravi Shankar Prasad on Thursday said the government's November 8 decision of demonetization had resulted in sharp decline in terror funding, hawala trade, supari killings and human trafficking, particularly of young girls as sex slaves, mainly from Nepal and the North East.

Indicating that the government would not hesitate to take steps to widen the tax base, he said that development was not possible without enlarging the tax kitty. ''There is only about Rs. Five lakh crore in the kitty of Finance Minister Arun Jaitley for development and it needs to grow,'' he said.

 

Mr. Ravi Shankar Prasad said that Aadhar enabled bank payments through smart phone would prove to be a ''game changer'' and a tool of empowerment. He said that out of 125 crore people only 3.7 crore pay taxes and 99 lakh file Income Tax returns but have no taxable income, two crore people show annual income of Rs. 6 lakh and only 24 lakh have an annual income of Rs. 10 lakh and above.

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